Keokuk Revolving Loan Fund

The Keokuk Revolving Loan Fund is used to make low interest loans up to $100,000 for gap financing to qualifying individuals, partnerships, or corporations that want to start a new business in Keokuk. The RLF is a community financing tool used to encourage small business development and entrepreneurship, and is administered through the Southeast Iowa Regional Planning Commission (SEIRPC). The Keokuk RLF was created by the City allocating $100,000 and a USDA_RD grant of $99,000. Funds are used in conjunction with local lenders to serve as gap financing for proposals and the lender serves as the primary source of funding. As loan payments are made, and monies are repaid to the pool, the fund revolves back out to other candidates for the program.

-Eligibility is based on the following:
• Startup or expanding business in the city limits
• Applicant must be creating or retaining jobs
• Applicant must demonstrate the need for gap financing or local match funding
• Applicant proposal will support and enhance the local economy

-Financial Assistance:
• Maximum loan award – $25,000
• Cost per Job – $10,000
• 5-7 year term on fixed asset loans
• 10 year maximum on real property loans
• Competitive interest rates
• Loan closing fee of $250